Buy Godrej Ind, Cadila Health, Motherson Sumi: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Godrej Industries has been the classic bullish Gartley pattern on the daily chart. We have seen a constant decline in this counter but on the weekly chart the stock has taken support at the 100-week moving average which tells us that the selling pressure has come to an end. The way the stock has rebounded in the last two days, it could retrace higher, we can see a rally towards Rs 380 in the short term.""Second stock is a buy on Cadila Healthcare. It is one of the risky ones, but we should take it at this stage. We are talking about a counter which has witnessed a sharp correction. In fact we can talk about a correction of more than 34 percent since October 2015 but the decline found support at the monthly trendline support. Also the same coincides with a support of 100-day moving average (DMA) and in the last three weeks the stock has been building a base. In today's trade, it given a breakout from this rounding bottom pattern. So, buy for a target of Rs 345," he said."Our third recommendation is a buy on Motherson Sumi Systems. It gave a breakout on a large weeks trade from a falling wedge pattern. In fact in today's trade we have been witnessing a fall of buying. It shows strength in this counter. On the broader chart, the stock is in the last leg of a bearish pattern. The last leg of this pattern tends to be explosive. So, we could see a sharp run up towards Rs 380-385 levels going ahead but from a trading perspective, we can see a target of Rs 310."